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of the year. the so-called fiscal cliff. investors worry obama will be unable to resolve the crisis with the house of representatives still controlled by the republicans. the key index on the new york stock exchange fell sharply when markets reopened after the election. the dow jones industrial average at one point lost over 360 points. the index finished the day at 12,932, down 2.3% from the previous day's close. new york stocks dliped from the start as investor concerns shifted to how obama will address the country's economic challenges. they're particularly worried the fiscal cliff could weigh down u.s. growth into the new year. >> it's a pretty sad day for wall street. >> i don't think it's for the best of the country. i had a good feeling that romney was going to be a better candidate for the economy. not bowl. obama. >> many offices in history manhattan remain closed. new york city officials have struggled to turn power back on after hurricane sandy hit last week. >>> following an overnight plunge on wall street tokyo share prices are falling thursday morning. the key nikkei a
never heard of obama's fiscal cliff leading up to the election. >> dana: on the front page of the "new york times" today. coming up, the obama administration repeatedly blamed this american film-maker, right there, you see him, for attacksen in n libya and muslim riots in the middle east after september 11. now he is held in jail for a year. greg gutfeld has intriguing proposal for the president. it's worth sticking around for. be right back. ♪ ♪ where others fail, droid powers through. introducing the new droid razr maxx hd by motorola. now more than ever droid does. aww, nothe mall. well, i'll do the shopping... if you do the shipping. shipping's a hassle. i'll go to the mall. hey. hi. you know, holiday shipping's easy with priority mail flat rate boxes from the postal service. if it fits, it ships anywhere in the country for low flat rate. yea, i know. oh, you're good. good luck! priority mail flat rate boxes. online pricing starts at $5.15. only from the postal service. >>> i'm bret baier in washington. the big story here today is iran making a move against an american surveill
." "the new york times" "back to work, obama greeted by looming fiscal crisis." the "financial times," this morning, rex ryan wins? a new players poll that ranks him as the most overrated coach. his two quarterbacks recently received similar honors. steven colbert can barely drag himself out of bed after the election. we'll get a report o from richard engel on how the rest of the world is reacting to our presidential election. all that when the penultimate "way too early" comes right back. >>> to all americans i say that the next four years are going to be difficult and challenging years for us all. the election may have been a close one, but i think that there is general agreement by all of our citizens that a supreme national effort will be needed in the years ahead to move this country safely through the 1960s. [ male announcer ] do you have the legal protection you need? at legalzoom, we've created a better place to turn for your legal matters. maybe you want to incorporate a business you'd like to start. or protect your family with a will or living trust. legalzoom makes it easy
obama le da el mandato para evitar un precipicio fiscal, que genera'ria desempleos, alentó a obama a negociar con lideres poltiicos para evitar aumento de impuestos o recortes . >> democratas obtuvieron la mayoría en california , lo significaria que podrían aumentar impuestos, por primera vez el partido en el poder tienen la mayoría de un tercio, necesitaban lois escaños para tener 54 puestos . >> en california varias propuestas estuvieron en juego , la proposición buscaba aprobar la tercera es la vencida y así lo fue . >> un analista nos explica el significado de esta aprobacion . >> si una personas roba algo pequeño en un restaurante y era sentenciado a 25 años de cárcel . >> mientras tanto la proposición 35 recibió un enorme apoyo, de modo que se endurecerán los castigos contra personas que trafican humanos . >> deben ser sometidos al esctrutinio público, las sentencias aumentan . >> por otra parte la proposición 34 buscsaba abolir la pena de muerte y fue derrotada (información en pantalla) . >> los votantes demostraron que realmente considera que la pena que se d
or a pessimist. at the end of this year, there is this fiscal cliff. president obama has to solve it. austerity measures, a huge increase of taxes -- all this is going to happen if democrats and republicans do not come together, so i can offer three scenarios -- the first would be that there is no willingness of compromise, that they will just take the can down the road. it would be disaster for the u.s. and the rest of the world. second scenario -- a new willingness of compromise and coming together, and i do not think this is likely to happen, so there is scenario 3, that everybody has to give up something. this would mean, for example, for democrats that they will have to accept that there will be strong cuts in entitlements -- health care, for example. it would mean for republicans that they have to agree on higher taxes for the wealthy, for example. are they able to do all that by the end of this year? i do not think so, so i think they will buy time, and they will say this congress right now will agree on a couple of things but cannot solve all the problems until the end of the year, so t
.s. president barack obama spent little time basking in his reelection win. white house officials and members of congress have already returned to the bargaining table. they're hoping to avert a fiscal crisis by reaching a budget deal. obama spoke with democratic and republican congressional leaders on wednesday shortly after the election. the president sought bipartisan support for deficit cuts and tax reforms to avert a so-called fiscal cliff. the combination of automatic tax increases and spending cuts could push the u.s. economy back into recession. house of representatives speaker john boehner said republicans are ready to work with the president on tax reform. many republicans want to keep tax cuts for the wealthy, but democrats are opposed. >> mr. president, the republican majority in the house stands ready to work with you to do what's best for our country. we're willing to accept new revenue under the right conditions. >> boehner said obama obama must reduce spending and overhaul entitlement programs. republicans then would be willing to back programs aimed at raising federal revenue
parties are willing to compromise on a deal to avoid that fiscal cliff. president obama called leaders to start negotiations to deal with the issue. house speaker john boehner said he's willing to compromise on raising some taxes. >> sounds good right? compromise. have we heard that lately? vice president joe biden says the obama administration is willing to compromise as well. the cliff is an across the board tax increase in spending cuts coupled at the same time and that's scheduled to kick in at the end of the year. economists say the impact could push america into another recession. >> the no steps are taken cuttings will cost you some real none. gary nuremberg as more on the sequestration issue. >> reporter: congress couldn't get a deal to cut the deficit. going off the fiscal cliff means crashing into your home. >> if we go over the fiscal cliff, we will increase taxes by $500 billion through 2013. that's an average tax increase of $3,500 for every household in america. >> reporter: then, there is sequestration. months can months ago congress said we'll impose automatic cuts that
%. the memo to heads of executive departments besides the fiscal cliff we have been talking about. president obama's said he will talk about this issue on friday. this year's elections will affect the wedding business. >> planners are bracing for a spike in bookings thanks to voters' approval of same-sex marriage in maryland. we have that story for you at 6. >> from the voting booth to wedding vows. same-sex couples got the right to marry. those who stand to make a profit are hearing a buzz. >> this will -- we will see an uptick. >> gayweddings.com is a resource. since states approved gay marriage, she has seen [inaudible] >> let's learn more and find more resources. >> actual marriages will not be allowed until after general one when the law takes effect. cities are trying to lure couples by creating a new international web site. there were to be an option for those looking to marry now that the law passed. >> that day i got an e-mail from a couple i had married in d.c. to years ago. she is an interfaith minister who performed ceremonies. she said she has witnessed many maryland couples fl
is the so-called fiscal cliff that could impact thousands. autria godfrey has more on what is in store. >> back in washington, back to reality, president obama returned to d.c. today with another four years, but still battling for bipartisanship as we careen toward the so-called fiscal clef. he is already demanding the two parties make peace. >> he won reelection with a middle-class economic strategy based on the middle class. it is incumbent then, the parties work together to avoid that fiscal issue and light a path for economic growth. >> that is easier said than done. president obama was hoping to kickstart compromise when he called a key congressional leaders including house speaker john boehner. >> what we can do is avert the cliff in a manner that serves as a downpayment on major solutions and actions in 2013 to begin to solve the problem. >> the problem is the massive military cuts and tax hikes that could hit the middle class come january if congress does not come up with a plan. poised to get hit the hardest the d.c. area, where 65,000 government contracting jobs are on the li
... buenas noches...bienvenidos!!! ... un dia despues de obtener la reeleccion, el presidente barack obama tiene poco tiempo para celebrar el triunfo pues ahora debera enfrentar un problema fiscal inminente, y un congreso dividido, con la camara baja, todavia en control republicano y el senado con mayoria democrata... pero que significa esto para el tema migratorio?... fernando pizarro, nos tiene mas ... el senador democrata electo por virginia, tim kaine, senalo hoy que espera que el partido republicano se mire al espejo y sea mas abierto para trabajar con los democratas, en la busqueda de soluciones para evitar el inminente reto fiscal y reformar las leyes migratorias de la nacion... kaine, derroto con 51 por ciento de los votos, contra 49, al ex senador republicano george allen... kaine, dijo que los republicanos no deben seguir siendo tan duros con los votante latinos, y que es importante construir puentes para buscar soluciones conjuntas en el 2013... la participacion de los latinos se hizo presente en las urnas, pero esto que significa para temas que son importantes para nuestra com
? remember the 2012 election? done! next. now it's time to tackle the fiscal cliff, unless president obama and the republicans make some sort of deal. both sides first need to feel the political love. they're already flirting. >> tonight, you voted for action, not politics as usual. you elected us to focus on your jobs, not ours. in the coming weeks and moths, i am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together. >> the american people have spoken. they've re-elected president obama and they've again re-elected a republican majority in the house of representatives. there's a mandate in yesterday's results it's a mandate for us to find a way to work together on the solutions to the challenges that we all face as a nation. >> oh, but political love is fleeting between democrats and republicans. although partisan bromance is possible. remember ronald and tip back when reeboks and stone washed jeans were hip? why not john and barack? they had a golf beer summit. that is, they played 18 holes and had a beer. can you say
barack obama going into the fiscal cliff, everything else, instead of winning with 52% of the vote he won with 51, 50%, whatever. they forced the seiu and other groups to spend tens and hundreds of millions of dollars, too and it what's disproportionate about it, it was a couple of what i call venting billionaires, billionaires, you can call them, able to get everybody else to go crazy, spend money, and i do think, you know, in ohio, sherrod brown had to find an extra $20 million. what could have been done with time and opportunity? >> and money. how it could have better been spent. >> there's an impact here in opportunity comer costs. they had an impact and they tilted the playing feel. and on that tilted playing field obama and the democrats still won. >> what happens next. your argument reminds me of the republican argument in favor of cutting taxes to spur economic growth. david had a great chart, as you cut taxes, the gdp shrinks. there's no evidence thus far. but the -- >> they've been doing that for a year. >> my two sources. my two sources on this. the chart. but the argument on t
reacting to a second obama presidency. but there were also concerns over europe and the fiscal cliff and the fact that now you have this election out of the way, you still have the very big problems still facing us. debt crisis, markets started to turn yesterday when mario drogy made some comments about concerns about germany. so this wasn't just a u.s. story overall. you put these things altogether and it all ended up at 313 point decline for the dow. also concerns about the debt ceiling. we're coming up again on the debt ceiling. remember the debt ceiling is what got us into this fiscal cliff mess in the first place. there will be a fight over how to raise the debt krelgment or that could be wrapped up in how they fix the fiscal cliff. all of these things -- i want to remind you, the last time the president was elected, the stock market tumbled sharply, worse than this for two days in a row. but that time four years ago, the whole world was falling apart. we were in the midst of a financial crisis. this time 300 points. futures are flat this morning. at least at this hour doesn't l
in his cabinet. cabinet. 3 a divvded congress plus a re-elected president obama -3 pould equallfinanciaa turmoil. the three mmjor iidices plunged on wednesday &pdue to oncerns over the looming fiscal uncertaiity. john lonski / senior economiit at moody's capittl markets:"...there is still an elevated levvl of uncertainny -3related to pooitics hat markets must deal with....'' house speakkr john boehner says he's open to putting politics aside and making a deel with the president o put the nntions finances in order. rep. john boehner / (r-oh) speaker of the house"...the preeident has signaled a willinggess to dootax reform to ower rates. republlcans 3 aacept new revenue if it comes froo rowwh nd refoom. so, pet's start the discussion -3 political analyst says tte &ppepublicans' willingness to come to terms on a deal could & be the result of public pressure.dr. danny hayee / 3 george washington university: "...it certainny does mean that they have to worry about -3 rrnning afoul of public opinioo at their peril,,having just suffere
are looking for and obama-care, this country would be fiscally in a better condition down the line. finally, the supreme court appointees. the most important thing that democrats and president obama can do is to realize that within a few years there will probably be some folks that will retire, and a legacy that will live on will be those appointees. host: i will have to leave it there. let me divide that. gail russell chaddock, the first three of the gop side, where he says they need to unite, the social issues are ones favored by americans, which is interesting given the ballot initiatives were four states voted in support of gay marriage, and the third was you have to do away with a pledge from grover norquist. guest: there are strong convictions for this party, and for tea party members, they're looking back at a golden age, and they see deed still here as a vindication -- and they see as still being here as vindication. on social issues, there will be a fight over social issues, but it will be any different set. if you had said to anyone in washington that in 2012 a big issue would be
by later this afternoon. >> it will warm up and melt off. >>> president obama is back at the white house this morning where he will begin to work with congress on taxes, spending, and the national debt. to avoid that so-called fiscal cliff. nbc's trais si potts is in washington. >> reporter: good morning. he's back here and the real work begins starting with the economy including that fiscal cliff that you mentioned, taxes and budget problems that could kick in by the end of this year. >> i am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together. >> reporter: fresh off his election victory, president obama's already been on the phone with top democrats and republicans in congress urging them compromise before america falls off the fiscal cliff. what's that? long-term unemployment benefits and the 2% payroll tax cut expiring. a big cut in medicare payments. and your taxes going up january 1 if congress doesn't act. plus, another $500 billion in cuts at the pentagon. boeing, the military's second largest supplier, alread
to compromise on a deal to avoid the "fiscal cliff." president obama called leaders of both parties to start negotiations to deal with the issue. house speaker john boehner said wednesday he is willing to compromise on raising some taxes. vice president joe biden says the obama administration is willing to compromise, as well. the "fiscal cliff" is across- the-board tax increases and spending cuts scheduled to kick in at the end of the year. >>> the market hopes to recover today from its worst day of the year. here now is jason brooks with kcbs and cbsmoneywatch.com. >> reporter: good morning. good day to compromise on the "fiscal cliff." it's going to be absolutely key. that was one of the main reasons why the market dropped so much yesterday along with ongoing concerns about europe's debt crisis. the dow down 300. the market coming back a little this morning. we have economic reports that may be helping out a little. labor department reporting that first time unemployment claims falling by 8,000 to 355,000 last week. important to know that these numbers are going to be skewed for weeks bec
on whether it was obama or romney. that fiscal cliff is there. >> one things i think stocks did not continue yesterday to si sell-off in part because of the sound bites you play, the first day after the election, the major players coming out. >> people are that gullible? >> it's not gullible. investors need a signal they will get this fixed. the stock market is still down. it didn't rally. the world needs a signal the biggest economy and the biggest democracy in the world is not going to fall apart over partisan politics. >> the president's victory speech where he said he need to work together, et cetera, that's not enough of a signal? >> they need to show how. i need to see them dancing, not fighting. i need to see exactly what john boehner, the speaker of the house, means by, we're open to additional revenues if, you know, we need to know what that's going to be. the they will be the classic washington horse trading start to begin but we haven't had that horse trade for a long time. that in of itself is progress. >> too busy campaigning. >> you and i have lots of segments ahead. that is sp
into the so-called fiscal cliff president barack obama spoke with the senate majority leader harry reid about the need for bipartisanship in a news conference today the speaker hinted that republicans are willing to rethink how they negotiate with the president moving forward. >> we are ready to be led, not as democrats or republicans but as americans. we want you to lead not is a liberal or conservative but as president of the united states of america. >> the speaker says he is not suggesting that republicans compromise on their principles but he says they need to create a common ground. harry reid meanwhile help his own news conference today saying both parties will have to work together to tackle the deficit but added last night the american people send a clear message to congress that people making all this money have to contribute a little bit more. >> $6 billion on the entire election and not much change the balance of power remains the same in congress, democrats will pick up a few seats but not nearly enough to overtake the strong republican holds into they strengthen their advanta
at the white house last night. now mr. obama and congress must tackle the so-called fiscal cliff looming ahead. january 1st, an 800 billion dollar tax cut will expire. that will mean tax hikes and spending cuts kick in unless there's a deal. coming up our katie marzullo will have more. >>> traffic and weather together, next. >>> live look outside now before the rain comes this is the san mateo bridge deck dry, traffic moving fine.g5ç mike will tell us when rain will arrive in your neighborhood today. sue will check your commute. >>> you know about black friday how about black thursday. how wal-mart is getting a bigger >>> here's doppler out of eureka showers even moderate showers no thunder out of this storm yet we did have a few claps of thunder over the sierra as the rain has changed over to snow. winds are slowing now the cold front is moving away from us. gusts up to 30 in oakland we were in the 25 to 35 degree range for several hours this morning. breezy and cooler through 7:00, 40s and 50s, showers into the north bay, by noon into the heart of the bay noon to 2:00 in the south bay 2 to
is over and obama back in office all eyes on the fiscal cliff speak as taxpayers will be hit. many organizations including blackrock took out ads in papers to warn about the impending disaster. joining me now barbara from blackrock it is of pleasure. why does blackrock think it is a big issue? >> look negative up of fiscal cliffs it is about jobs we raise taxes a lot come is sequestration, the economy, we went after the clients and they agreed to cosign the letter to express ncern to get in front of it. not discussed uring the debate but the morning after it is the only thing you see gerri: today fitch's warned they would downgrade the debt if we don't do something to prevent it. -- we're talking allows $600 billion. generally it is a bullish tax cuts the patch for the amt, the death tax and huge spending cuts in defense. the cbo said it will cut growth dramatically as much as 1.3%. do you agree? >> yes. but the sequestration cuts are not just about defense may be disproportionately but it is education, every sector will be subject to ts. if you are the ceo and havv to plans, the f
trillion in debt president obama has been re-elected. what will four more years of his policies mean for the economy and specifically for your wallet? cheryl cos knee has more. >> the fiscal cliff is baying one. >> it is the most immediate problem we have. the president will play a key role in this. he is still standing by wanting to tax those making 250,000 and more a year. that is an issue republicans don't want that. $3,500 per household. we are talking more than $500 billion. this will be a rough patch for the economy especially if a lot of cuts come in. >> the stock market not optimistic. >> we lost a lot of -- we lost ground on the dow yesterday. blowsed below 13,000 for the first time since the month of june. we only lost 312. we were down 369 at one point yesterday. investors are worried health insurance stocks we were talking about that. that will be more of a cost for them. cost control for the healthcare law. that is another issue we are dealing with as well. little bit of positive news. i will say this. mortgage rates are going to stay low. we believe ben bernanke will be
to break. the gradual fiscal slope gives obama and democrats something they haven't had that often, leverage. all they have to do to get rid of the bush tax cuts on the rich is nothing. sit on their hands between now and january 1st and they will go away, and then there will be time, plenty of time, for obama and the new more liberal senate to set the terms for a truly balanced deal with republicans. one that extends the bush rates for the middle class, spares millions of americans from the amt and averts the worths of the spending cuts and, wait for it, actually includes a modest tax hike on income over a quarter of a million dollars. for all the republicans out there, yes, entitlements could probably be part of that deal, too. if the bush tax cuts for the rich are ever going to disappear, this is how it has to happen. i don't know if obama and democrats will have the will and the courage to
and enjoy the election victory because of a straight back to business for president obama. on top of his agenda, avoiding the so-called fiscal cliff, the round of tax rises and spending cuts which will be triggered just a few weeks' time. if a budget deal is not reached with the republicans. this report from washington. >> the president returns to washington, for the white house for four more years. he visited his campaign workers to thank them and many here are marveling about the effectiveness of his get-out- the-vote effort. that you washington, well, politics and an urgent task for the reelected president -- what to do about the so-called fiscal cliff? massive automatic tax rises and spending cuts are imminent unless republicans in congress in the president can agree on how to avert them. >republican leaders expressed willingness to compromise. >> mr. president, this is your moment. we are ready to be lead. not as democrats or republicans, but as americans. we want you to leave it -- not as a liberal or conservative, but as president of the united states of america. >> and the market
and democratic leaders are promising cooperation toed a vote so-called fiscal cliff. president obama and the first family arrived back in washington last night. the white house and congress will have to address tax hikes and budget cuts that automatically kick in in the new year. it affects all americans and up until now, the republicans have blocked the president's proposal to raise taxes on the wealthy. >> if there is a mandate in yesterday's results, it is a mandate for us to find a way for work together on the solutions to the challenges that we all face as a nation. my message today is not one of confrontation but one of conviction. >> there will likely be cabinet chains in the president's second term. most speculation is that president obama will have to pick a new secretary of state and treasury secretary. ry secr >>> wall street greet a second obama term the same way it greeted the first way huge post- election selloff. the dow jones industrial average plummeted over 300 points in its worst loss of the year. the losses extended to asian and european markets today. plunge in t
leaders are promising to avoid the ever looming fiscal cliff just a day after president obama re-election. john boehner extending an offer to come up with a resolution. >> mr. president, the republican majority here in the house stands ready to work with you, to do what's best for our country. that's exactly what i told the president earlier today. that is the will of the people and we will answer to them. >> reporter: at the start of next year, if an agreement isn't reached, an almost 5% rise in tax rates will go into effect, which could push the united states back into a recession. >>> walmart releasing its black friday promotions today, announcing deals on three hot electronics items to attract shoppers. the company will be giving away $75 walmart gift pads with the purchase of an apple ipad 2, but shoppers might be in store and in line between 10:00 p.m. and 11:00 p.m. the night of thanksgiving to get that deal. walmart is also cutting a price on a 32-inch emerson hd tv, selling it for $148, and will also be selling $38 blu-ray dvd players as part of its promotion. i know whe
following a domestic violence incident involving his wife before he was resainted. >>> president obama and congressional -- leaders barely have time to cap their breath. the fiscal cliff that threatens to throw u.s. economy back into recession. katie marzullo live in the newsroom in is going to take compromise. >> reporter: -- skeptical they are going to do it, lawmakers have not found much common ground over the past four years washington remains almost unchanged after the election. president obama has already talked with the top four leaders in the house and senate on the phone from chicago before returning to the white house last night that includes house speaker ran john boehner. he says his party is willing to consider tax increases only under the right circumstances which include fewer tax loopholes and simpler, fairer tax code. right now all sides are laying out opening arguments for negotiations that are to come. they need to avoid severe and automatic government spending cuts and tax hikes that will take place january 1st. those cuts and hikes total 800 billion dollars. in the
want to know how all of this is affecting your tax bill, we have an analysis of obama's victory and the "fiscal cliff" on moneywatch.com of the we break it out by how much money you earn. >> all right. we'll have to check that out. jill schlesinger, editor at large for cbsmoneywatch.com. thank you. >>> don't look now but guess who is doing a little rain dance. >> yes! >> it's not pretty. [ laughter ] >> looks like we have some unsettled weather moving into the bay area right now. fairly quiet on our hi-def doppler. but we are expecting that to change throughout the day today. a cold front is swing through overnight. that's ushered in some cool and brisk and breezy conditions now. but there's rainfall in far northern california. you see that cold front moving by? but then look at this. you see the core of that low swinging closer into california. that is going to work its way down the coastline throughout the day today and bring a chance of rain. so grab the umbrella. grab a jacket. it's going to be one of those cool showery days especially as we head in toward the middle of the
like you. thank you. >> woodruff: for the first time in four years, president obama did not have to worry about re-election today. still, there was little time to savor tuesday's victory, in the face of a potential fiscal crisis at the end of the year. "newshour" correspondent kwame holman begins our coverage on this day after the election of 2012. >> reporter: mr. obama departed his hometown of chicago this afternoon for washington, his home for another four years. waiting for him: a still- divided congress now facing a critical lame duck session. the president made it clear in his victory speech last night that he thinks the country wants an end to gridlock. >> tonight, you voted for action, not politics as usual. ( applause ) you elected us to focus on your jobs, not ours. and in the coming weeks and months, i am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together: reducing our deficit; reforming our tax code; fixing our immigration system; freeing ourselves from foreign oil. we've got more work to do. ( a
-called fiscal cliff approaches, does the obama administration go for a big deal now? is it the only opportunity to go big on tax reform? next up we have an update on capitol hill. here are things to know. how fast did mitt romney's campaign shut down. aides taking cabs home after his concession speech early wednesday, they got a rude awakening when some found that credit cards linked to the campaign no longer worked. we're learning team romney accidentally published aa victory website it developed in case the candidate won. it was titled the office of the president-elect and featured biographies of mitt romney and paul ryan and pages dedicated to the inauguration and join the administration. it was taken by the way this morning. and "new york times" political statistician nate silver correctly predicted the election outcome in all 50 states. you probably know that by now. now his book that explains how he does it, well, it is selling big-time. the signal and the noise has skyrocketed to number two on amazon's best seller list. like nate silver, the people on "park and recreation" got the electi
? >> reporter: it's significant. president obama called these leaders within the hours of his re-election sending a strong signal that he's serious about bipartisanship and working with the leaders and reaching across the aisle to get a compromise on the fiscal cliff and work through this it. the message he sent to the leaders is we need to work together to resolve this. i would point out that house speaker john boehner in his press conference yesterday echoed the president's sentiments to some extent saying he's willing to work with the president on the issue of taxes. that's the big issue here in washington. so signalling that he would be willing to work with the president. now, will this actually happen? of course, the republican conference is larger than the house, so speaker boehner is saying something in his conference going along with it are two different things. they're in a wait and see mode. we won't see the crisis of debt debate in the summer of 2011. >> i hope you're right. nationally syndicated host and msnbc contributor michael sikonis, and a.b. stott dard, social e
hill where a fiscal cliff is on the horizon. >> president obama has won another four years but does he have the mandate? house republicans also won on tuesday. with the fiscal cliff approaching at the end of the year, the fundamentals haven't really changed. the first family about to settle in for another term. won't be much time to celebrate. the fiscal cliff is approaching just down the street and the government could start hemorrhaging cash at the end of the year. >> the fiscal year is $200 billion of spending cuts. going over the full cliff is a recipe. there's no question about it. >> after tuesday does the president have the mandate to raise taxes on the wealthy? something he has pushed for years. >> this is the message american people sent from all over. and that is they are tired of these partisan gridlocks. >> point to the impact higher taxes would have on hiring. but house speaker john boehner is shown a willingness to raise revenue if it involves simplifying the tax system. not just raising rates. >> for the purposes of bipartisan agreement, we're willing to accept new reven
obama is back at the white house this morning where he's going to begin to work with congress on taxes, spending and the national debt. to avoid that so-called fiscal cliff. nbc's tracie potts is in washington with the latest on that. tracie, good morning. >> reporter: good morning everyone. the party is over now in chicago. he's back here, and the real work begins starting with the economy including that fiscal cliff that you mentioned. taxes and budget problems that could kick in by the end of this year. >> i am looking forward to reaching out and working with leaders of both parties to meet the challenges we can only solve together. >> reporter: fresh off his election victory, president obama's already been on the phone with top democrats and republicans in congress urging them to compromise before america falls off the fiscal cliff. what's that? long-term unemployment benefits and the 2% payroll tax cut expiring, a big cut in medicare payments, and your taxes going up january 1 if congress doesn't act. plus, another $500 billion in cuts at the pentagon. boeing, the military's secon
term. grace. >> reporter: that's right, dana. that so-called "fiscal cliff" still losing president obama wasted no time so this day after the election he hit the ground running working the phones reaching out to congressional leaders. the question now, though, will it work? president obama is headed back to washington after a bitter battle to win a second term and he used his victory speech to reach out to the other side. >> in the weeks ahead i also look forward to sitting down with governor romney to talk about where we can work together to move this country forward. >> reporter: the two men finally agreed on something with governor mitt romney also calling for compromise. >> at a time like this we can't risk partisan bickering and political posturing. our leaders have to reach across the aisle to do the people's work. >> reporter: voters put president obama back in the white house but they also chose a divided congress recreating the same recipe for gridlock. amend democrats are hanging on to the senate -- and democrats are hanging on to the senate where democratic majority lead
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